Not sure if this belongs in Fungi or Other Cryptogams. Substrate was possibly conifer cones of some sort, but hard to be sure. Seen in a couple of places along track.
This looks like a fungus in the order Mucorales in the division Zygomycota. What you can see here appears to be the asexual phase of reproduction with the formation of spore containing sporangia (the black dots) on the top of sporangiophores (the stalks) emerging from the mass of white hyphae.
A mould which looks like this is extremely common in wet years at Woodlands Historic Park near Melbourne in Red Gum and Grey Box woodland. It grows exclusively on brown mushrooms - Cortinarious species I think.